Kuwait Implements Ban on Virtual Currency Transactions – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Kuwait Implements Ban on Virtual Currency Transactions – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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CBK SETS 46 TRANSACTIONS THAT NEED PRIOR APPROVAL

KUWAIT CITY, July 19: The supervisory authorities — the Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulatory Unit — have issued circulars on supervision on the issue of virtual assets as a tool/means of payment or recognizing them as a decentralized currency in Kuwait, in addition to abstaining from conducting transactions whereby virtual currency is used as a payment instrument/method within the scope of this prohibition, reports Al- Jarida daily. The circulars, which were issued in accordance with the conclusions of the study prepared by the National Committee for Combating Money Laundering and Financing of Terrorism, regarding the required commitment in the field of implementing Recommendation No 15 of the international requirements issued by the Financial Action Task Force (FATF), forbids dealing with these assets as a means of investment.